Last Updated on February 23, 2024
The continued adoption of the artificial intelligence (AI) technology in various industries has translated into a growing demand for AI businesses as well as employment opportunities. Recent estimates indicate that the global AI market size may reach $733.7 billion by 2027. So, if you’ve ever considered pursuing an investment in this industry, now is the most opportune time to take the plunge.
The good news is that there are multiple ways to enter the lucrative artificial intelligence market. This article looks at the 30+ most profitable AI-based business ideas in 2023.
As you might expect, most AI businesses revolve around software development. However, we’ve conducted extensive research to also include ideas that require ZERO knowledge or skills in software development.
1. AI Blogging
Artificial intelligence has undeniably taken the world by storm. AI is ranked among the most transformative and rapidly-evolving technologies. However, millions around the world still struggle to grasp the AI concept. And that opens up a lucrative business idea in blogging.
Launching a successful AI blog doesn’t necessarily require academic qualifications. Not when there’s plenty of information on the internet. You can focus your blogs on providing your readers with general artificial intelligence information, including where the technology began, where it currently is, what the future holds, and some exciting trends to keep up with.
2. AI Lecturing
The one similarity between AI lecturing and AI blogging is that they both involve directly sharing your knowledge in artificial intelligence.
But as an AI lecturer, you’ll need at least a bachelor’s degree in computer science, mathematics, or a related field. That’s because you’ll mostly be lecturing at colleges or universities.
3. AI Tutoring
The terms “AI tutoring” and “AI lecturing” are often used interchangeably. However, they do not exactly denote the same thing.
AI tutoring, also known as AI-assisted e-learning, is a computer-based learning system that utilizes artificial intelligence to provide human-like lessons without the intervention of a human teacher. You can look at AI tutoring as the machine version of AI lecturing.
4. AI Consultancy Firm
There are numerous ethical and moral issues surrounding artificial intelligence. We’ve also seen heightened efforts to regulate AI development in the recent past. Aspiring AI entrepreneurs would wish to know whether it’s legal to operate artificial intelligence ventures in their target markets. They’d also want to understand the ethical issues and regulatory frameworks surrounding AI, as well as their tax obligations.
Such information can only be better packaged by consultants. If you’re deeply knowledgeable about artificial intelligence, starting an AI consultancy firm may turn out to be a lucrative business venture.
5. AI-based Chatbot Services
Until recently, artificial intelligence was largely considered a domain of computer scientists and tech geeks. However, the recent release of ChatGPT became a huge milestone as far as mainstreaming the technology and expanding its global reach.
ChatGPT, as the name suggests, is an intelligence chatbot designed to engage users in meaningful conversations. The software was released on November 30, 2022. And since then, many developers have come up with dozens of ChatGPT alternatives. You can also cash in on the craze by developing a similar chatbot.
6. AI Writing Assistant
If there’s one industry that has benefited immensely from AI, it’s got to be content creation. Thanks to this revolutionary technology, writers can now churn out huge volumes of articles, blog posts, marketing copies, and even product descriptions up to 10 times faster than writing manually.
AI writing assistants can generate write-ups that sound so realistic most people wouldn’t tell they were written by machine. Some even include plagiarism checkers to ensure your content is 100% original.
7. AI Image Creation and Editing Services
Traditionally, most visual advertisements featured real human faces. And to generate meaningful leads, companies had to use the images of notable celebrities and influencers. This was clearly a huge drawback for startups still struggling to find their footing as they could not afford the often-exorbitant influencer fees.
However, AI has sought to level the playing field through image creation and editing software. These are essentially tools that use deep learning algorithms to generate realistic images on anything based on the input text prompts. You simply enter keywords into the provided field and the software will pull a relevant image in a matter of seconds.
8. AI Audio/Video Creation and Editing Services
As businesses increasingly embrace the power of audio-visual content, we can only expect the demand for high-quality audio and video creation and editing services to skyrocket. You can tap into this growing demand by developing audio and video creation and/or editing software.
Audio and video editors can be remarkably time-efficient. These software also enable brands to achieve consistency in their audio-visual content, which makes them something that any forward-thinking business would seriously purchase.
9. AI Search Engine for Audio Content
Google enjoys a monopoly on the global search engine market, presently commanding 86% of the search market share. However, Google is most popular for textual and video content searches.
The audio-based search market remains a highly lucrative yet underexploited sector. You certainly wouldn’t’ go wrong developing a search engine tailored to auditory search.
10. AI Music Generator
Do the names AIVA and Soundful ring a bell? Well, they should, especially if you’re a music lover who’s also an AI enthusiast. These are among the many software designed to take the hassles from music generation.
There are different types of AI music generators you might consider developing. The most popular categories are apps that generate song lyrics (in a similar manner as text generators) and those that generate sounds.
11. AI-powered Copyright Infringement Software
We cannot possibly discuss AI-assisted music generators without mentioning AI-powered copyright infringement services. Not when reports of intellectual property crimes are ever on the rise.
Developing a software that identifies applications or websites infringing on the intellectual property of third-party users will not only make you a darling of music artists. It will also have you laughing all the way to the bank.
12. AI Architectural Design Startup
Building designing is a billion dollar business. According to statistics from the United States Census Bureau, the US alone issued 1.4 billion building permits in August 2019.
Factor in the average cost of hiring an architect ($2,500 – $4,545) and you’ll understand just how lucrative this AI business idea can be. Instead of employing human architects, your firm would focus on building software that aid in the development of architectural designs.
13. Software For Detecting AI-generated Content
We’ve already hyped the capabilities of artificial intelligence in producing high-quality articles. But let’s face it – AI is simply a product of human ingenuity. The technology can never outsmart human intelligence, especially in terms of creating compelling and naturally-sounding write-ups.
Most clients who employ human writers tend to be averse to the idea of machine-written content. The best way to verify that articles and research papers were crafted by real humans is to pass them through special software that detect AI-generated content. And that’s where you come in!
14. AI Language Translation Services
Statistics by Globe Newswire indicates that the global language translation software market size will experience an exponential growth rate, reaching $26 billion by 2028. And as the world continually shrinks into one global village, we can only expect the demand for AI language translation services to skyrocket.
What makes language translation app development a lucrative AI business idea is that you’ll attract clients from diverse industries. These include attorneys, travelers, tutors, multinational companies, freight services, etc.
15. AI Transcription Services
Translation and transcription are two distinct industries despite many people commonly confusing the two terms. The former involves converting content from one native language to a target language while the latter focuses on creating text from audios or videos.
However, both industries have benefited immensely from artificial intelligence. That makes AI-powered transcription software development another business idea worth pursuing.
16. AI-driven Fraud Detection Firm
Cybersecurity has become an inseparable part of our lives as we become more reliant on technology and the internet. And since hackers are always a step ahead of the game, it pays to develop powerful solutions that can nip malicious activities in the bud.
Launching an AI-driven fraud detection firm can be a bold step towards solving the scourge of cyberattacks. Some of your likely clients would be financial institutions (such as banks and credit services), state agencies, insurance firms, and e-commerce companies.
17. AI Logo Maker
Thousands of companies are started every day worldwide. A decent number of these startups require logos to identify their brands with. You could cash in on the huge demand for logos by developing an AI logo maker.
The best way to make the most of this AI-based business idea is to build a software that functions both as a logo generator and image lookup tool. That way, you can search for any proposed logo design to ensure it’s not already taken before embarking on the logo generation process.
18. AI Name Generator
Startups aren’t only keen on coming up with original emblems. They’re also interested in choosing a name that appeals to their brands. This is where AI name generators come in.
With these tools, subscribing clients only need to key in a few keywords relating to their businesses and the software will generate dozens of cool brand name ideas. Just like logo makers, most AI name generators may also search for selected keywords to establish if a name is available or already taken.
19. AI-assisted e-Commerce
The e-commerce industry has seen exponential growth since the COVID-19 pandemic. Although the pandemic took a heavy toll on various sectors of the global economy, it also taught many entrepreneurs that they can actually work from home and cut back on overheads. The post-pandemic period has witnessed a tremendous interest in AI-assisted e-commerce services.
AI-assisted e-commerce software analyze consumer data, predict customer behavior, and help automate various processes. Many e-commerce companies already use these solutions to streamline processes and stay ahead of the competition.
20. AI Travel Assistant
AI travel assistants function in a more or less similar manner as AI-assisted e-commerce solutions. The primary difference is the target client.
AI travel assistants are software that study tourism trends around the world. They can provide travel companies with invaluable insights they need to make data-driven decisions. Travel companies can also incorporate these software into their online platforms to automate processes like flight booking.
21. AI Delivery Services
Courier services are probably the first thing that comes to mind when most people think of delivery services. However, this isn’t the only industry that’s reaping big from technological advancements.
Many grocers have since embraced artificial intelligence to deliver food and other household goods to their clients. Why not design an AI delivery app that connects such service providers with their clients?
22. AI Ride-sharing App
Ride-sharing companies like Uber and Bolt rely almost entirely on software applications to conduct their business. And while the industry may seem a bit saturated, there’s still ample room for developing ride-hailing apps.
That’s for the simple reason that ride-sharing applications aren’t directly tied to the companies that use them. Just like subscription-based delivery software, ride-sharing apps mainly serve to connect service providers (drivers) with their clients (would-be passengers).
23. AI Price-tracking App
Internet shopping provides numerous benefits over bring-and-mortar shopping. Most notably, products tend to cost cheaper online. That’s understandable because it’s cheaper to maintain online inventories.
Online shopping also allows buyers to compare product prices over a considerable period and across several retailers before purchasing it. And that’s where AI price tracker apps come in. An AI price tracker allows your subscribers to track the prices of a product over a specified duration and across several websites to determine the best time and place to purchase it.
24. AI Marketing Agency
There’s a growing fear that artificial intelligence may render marketers redundant at some point in the future. But the reality is that this technology can help businesses optimize their marketing campaigns.
An AI marketing agency can be a lucrative business idea if well-planned and carefully executed. Ideally, your company would focus on offering cutting-edge marketing solutions like AI-driven SEO tools and predictive analytics software.
25. AI Assisted e-Recruitment Services
Part of artificial intelligence’s process automation capabilities include assisting with e-recruitment. AI-driven e-recruitment software are a welcome innovation, considering how tedious and time-consuming typical recruitment processes can be.
This business idea mainly entails building software that analyze resumes to determine a job applicant’s suitability for the advertised position. Your solutions can help recruiting firms avoid repetitive tasks like resume screening and follow-up messages.
26. AI Face Recognition Software
Online identity authentication is an important step that e-commerce companies and website administrators deploy to verify that a user is who they say they are. Most websites initially relied exclusively on passwords to verify a user’s identity. But as passwords became increasingly easy to crack, it was necessary to have an additional security layer through biometric authentication techniques like facial recognition.
Admittedly, there are already several AI facial recognition software out there. But the market is still underexploited.
27. AI Data and Workflow Management Solutions
Managing workflow and complex data can present a monumental challenge for any company regardless of its scale. It’s an especially bigger problem for startups who may not have sufficient resources to hire professional data scientists.
Designing an AI data and workflow management application can be a huge blessing for companies seeking to automate their workflow and data entry services. Just be sure to price the software considerably lower than the monthly cost of maintaining human data professionals.
28. AI Logistics and Supply Startup
Supply chain management is another big headache that many companies have to contend with. Fortunately, it’s now possible to deploy artificial intelligence to meet complex challenges in this sector, including rising fuel and transport costs.
As an investor, your job would mainly entail coming up with innovative ways to help logistics and supply startups manage costs while still meeting customer demand.
29. AI-driven Smart Home Energy Saving
Excessive energy use at home not only reflects adversely on your finances. It also contributes significantly to carbon footprint. The good news is that AI provides limitless opportunities in terms of aiding energy conservation.
You only need to build an application that helps smart homeowners keep their monthly energy bills down. Think AI-powered thermostats, HVAC systems, etc.
30. AI Team Collaboration Software
Every day, agencies and marketing teams worldwide collaborate on millions of files. That makes creating an AI team collaboration platform an idea worth exploring.
If you choose to pursue this idea, focus on building software that not only allow participants to collaborate in real-time. But also those which offer additional features like content summarization, secure data storage, and easy integration with other productivity apps.
31. AI Healthcare Startup
Healthcare is the main sector that experienced massive AI-driven adjustments during and after the COVID-19 pandemic. You can leverage the power of artificial intelligence to design machines that aid in disease diagnosis and treatments.
Perhaps it’s also worth noting that starting a successful AI healthcare startup may require you to be a professional medic besides possessing significant knowledge in artificial intelligence.
32. AI Wealth Management Services
Personal finance is an ever-trending topic. It’s reassuring to know that you can now leverage artificial intelligence to build applications that help your clients become better money managers.
Basically, AI wealth management services analyze investment data to give your clients real-time recommendations on the most lucrative industries to invest in. One noteworthy mention here is Wealthfront, which studies client spending and saving behaviors before providing personalized recommendations to help them minimize risks and optimize their returns.
Final Word
Artificial intelligence has always stood out as one of the most fascinating innovations. It’s more exciting to know that there are also numerous ways to cash in on the AI craze.